2 weeks Ago By MATEEN HAIDER
ISLAMABAD - Pakistan and Saudi Fund for Development (SFD) on Monday signed two financing agreements worth over one billion dollar. These agreements include ‘Deferred Payment for Oil Import from Saudi Arabia’ worth 1.2 billion dollar for one year and ‘Construction of Gravity Flow Water Supply Scheme’ at Mansehra amounting to 41 million dollar.
Secretary Economic Affairs Dr Kazim Niaz and Chief Executive Officer Saudi Fund for Development Sultan Abdulrahman Al-Marshad signed the agreements. Among others, Prime Minister Shehbaz Sharif and Saudi Ambassador Nawaf bin Said Al-Malki witnessed the signing ceremony. Meeting with CEO Saudi fund: Earlier delegation of Saudi Fund for Development led by its Chief Executive Officer Sultan Bin Abdul Rehman Al Marshad called on Prime Minister Shehbaz Sharif in Islamabad.
Welcoming the delegation, Shehbaz Sharif appreciated the long-standing friendship between Saudi Arabia and Pakistan and the efforts of the Fund for providing financing to Pakistan in the fields of health, energy, infrastructure and education as well the for the reconstruction after the 2022 floods. PMD forecasts cold and dry weather for most parts of country The CEO Saudi Fund for Development thanked the Prime Minister and Government of Pakistan for the warm welcome and hospitality extended to the Saudi delegation. The CEO Saudi Fund for Development shared updates with the Prime Minister about the ongoing projects including Mohmand Multi-Purpose Hydropower Project, Golan Gol Hydropower Project, Malakand Regional Development Project, and other projects funded through Saudi grants.
The prime minister highlighted the need to expedite processing of new projects in the field of green energy and infrastructure, which once implemented would go a long way in the economic revival of the country, besides serving needs of local communities. The CEO Saudi Fund for Development assured early processing of the shared projects and also reiterated that Saudi Arabia, under the leadership of the Royal Family, would extend all possible assistance and continued support to Pakistan. Imran writes to COAS urging to re-evaluate policy The prime minster thanked the CEO and members of the delegation and conveyed his best wishes to all the members of the royal family, especially Khadim-e-Harmain Sharifain King Salman bin Abdulaziz Al Saud and Crown Prince and Prime Minister Mohammed bin Salman.
Shehbaz Sharif also welcomed the signing of Oil Import Financing Facility according to which Pakistan will receive oil on deferred payment for one year worth 1.2 billion dollar. This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens.
The Saudi Fund for Development will provide an amount of 41 million dollar for Gravity Flow Water Supply Scheme in Mansehra. It will enhance access to clean drinking water for 150,000 local people of Mansehra and will be sufficient to meet the demand of a population of 201,249 individuals by 2040. Evacuation operation continues in Kurram as bunkers dismantled Tags: arabia provide oil.
